Axcelis Technologies, Inc. (NASDAQ:ACLS) Q3 2023 Earnings Conference Call November 2, 2023 8:30 AM ET
Company Participants
Doug Lawson - Executive Vice President, Corporate Marketing and Strategy
Russell Low - President and Chief Executive Officer
Jamie Coogan - Executive Vice President and Chief Financial Officer
Conference Call Participants
Charles Shi - Needham & Company
David Duley - Steelhead Securities
Craig Ellis - B. Riley Securities
Mark Miller - The Benchmark Company
Jed Dorsheimer - William Blair
Tom Diffely - D.A. Davidson & Company
Duksan Jang - Bank of America Securities
David Duley - Steelhead Securities
Operator
Good day, ladies and gentlemen and welcome to the Axcelis Technologies Call to discuss the company’s results for the Third Quarter. My name is Corey, and I’ll be your coordinator today. [Operator Instructions] Please be advised that today’s conference call is being recorded. I would now like to hand the conference call over to your host for today’s call, Doug Lawson, Executive Vice President of Corporate Marketing and Strategy.
Doug Lawson
Thank you, operator. This is Doug Lawson, Executive Vice President of Corporate Marketing and Strategy. And with me today is Russell Low, President and CEO; and Jamie Coogan, Executive Vice President and CFO. If you have not seen a copy of our press release issued yesterday, it is available on our website. Playback service will also be available on our website as described in our press release. Please note that comments made today about our expectations for future revenues, profits and other results are forward-looking statements under the SEC’s Safe Harbor provision. These forward-looking statements are based on management’s current expectations and are subject to the risks inherent in our business. These risks are described in detail in our Form 10-K annual report and other SEC filings, which we urge you to review. Our actual results may differ materially from our current expectations. We do not assume any obligation to update these forward-looking statements.
Now I will turn the call over to President and CEO, Russell Low.
Russell Low
Good morning. Thank you for joining us for our third quarter 2023 earnings call. Axcelis continued to execute at a high level in the third quarter, driven by strength in the power market. Third quarter revenue and EPS exceeded guidance of $292.3 million with earnings per share of $1.99. We are guiding fourth quarter revenue at approximately $295 million with gross margin of approximately 45%, operating profit approximately $73 million and earnings per share of approximately $2.00. 2023 annual revenue is expected to be greater than $1.1 billion, representing year-over-year revenue growth of around 20% in a year in which overall WFE is expected to decrease by 20% to 30%.